In some cases, yes. Some states that don’t have an income tax, still require that your business file a tax return. Texas for example, has no state income tax, but still requires businesses to […]
A company’s financial records are intended to track all transactions and provide company management with the ability to manage the business. The tax return information on the other hand is strictly used for tax […]
What about contacting the IRS – can’t you just call them and let them know the change? In theory, yes. But it’s a very complex process. In order to contact the IRS, we have […]
Yes, we believe it is. Here are 2 important reasons why. Your refund will likely be larger. Your audit risk will likely be smaller. The US Tax Code has evolved since 1861 when the […]
You know the situation – your return is prepared then you find (or someone sends you) one more piece of tax data that needs to go on your return. You contact us and find […]
What are Estimated Tax Payments? Let’s start with what they’re not. If you receive a W-2 wage from your employer or pay yourself a W-2 wage from your own business, there will likely be […]
A 1099-Misc Form should be issued to Non-W-2 providers of services, including sole-proprietors, partnerships (including LLC’s that have elected to be taxed as partnerships), and independent contractors. However, you are not required to issue […]
Under the new Tax Cuts and Jobs Act (effective for the 2018 tax year) the bonus depreciation rules have been loosened. Among other things, the change allows for 100% bonus depreciation for assets placed […]
We recommend that the company’s accounting records be maintained as the primary source of financial information and that you do NOT attempt to adjust these financial records to match the tax return information. Although […]
A: YES! While there are a few exceptions, the short answer is a simple and resounding YES! When you make the S-Election, you get a number of tax benefits. But one important requirement to […]